Capital Market Day 09- Exploration - Lundin Petroleum
Capital Market Day 09- Exploration - Lundin Petroleum
Capital Market Day 09- Exploration - Lundin Petroleum
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WF10581<br />
<strong>Exploration</strong><br />
Chris Wynn, Group <strong>Exploration</strong> Manager<br />
January 20<strong>09</strong><br />
60
<strong>Lundin</strong> <strong>Petroleum</strong> - Value Creation through <strong>Exploration</strong><br />
United Kingdom<br />
18 exploration licences<br />
- 25th round licences being<br />
reviewed<br />
Ireland<br />
2 exploration licences<br />
France<br />
7 exploration licences<br />
Core Area Prospective Resources*<br />
Europe 1,688 MMboe<br />
Russia<br />
149 MMboe<br />
Far East 316 MMboe<br />
Africa 555 MMboe<br />
Total 2,7<strong>09</strong> MMboe<br />
Congo (Brazzaville)<br />
2 exploration licences<br />
- Block Marine XIV pending<br />
approval<br />
* includes prospects only, net unrisked<br />
Norway<br />
29 exploration licences<br />
Netherlands<br />
1 exploration licence<br />
Tunisia<br />
3 licences<br />
Sudan<br />
1 exploration licence<br />
Ethiopia<br />
3 exploration licences<br />
Kenya<br />
2 exploration licences<br />
Malaysia<br />
3 exploration licences<br />
Russia<br />
1 exploration licence<br />
Cambodia<br />
61<br />
1 exploration licence<br />
Vietnam<br />
1 exploration licence<br />
Indonesia<br />
4 exploration licences<br />
2 joint study areas<br />
- ongoing exploration in<br />
Salwatis production<br />
licences<br />
WF10<strong>09</strong>1 01.<strong>09</strong>
WF10397g 01.<strong>09</strong><br />
<strong>Lundin</strong> <strong>Exploration</strong> Licences<br />
number of licences<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
LUPE creation<br />
2001<br />
GROWTH BY ACQUISITION<br />
Coparex acquisition<br />
2002<br />
DNO assets<br />
acquisitions 2003<br />
ORGANIC<br />
GROWTH<br />
2008*<br />
* Excluding UK 25th Round awards<br />
62<br />
Far East<br />
Africa<br />
Russia<br />
Holland<br />
France<br />
Ireland<br />
UK<br />
Norway
<strong>Exploration</strong> Strategy - Four Core Areas<br />
Geneva<br />
- Corporate office<br />
- Technical support<br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Aberdeen / Oslo<br />
- Regional hubs for North Sea<br />
Villeperdue<br />
Addis Ababa<br />
- Regional hub for Africa & Middle East<br />
The Hague<br />
Tunis<br />
Dubai<br />
Astrakhan<br />
Nairobi<br />
Singapore<br />
- Regional hub for SE Asia<br />
Moscow<br />
- Regional hub for Russia<br />
Kuala Lumpur<br />
Jakarta<br />
63<br />
WF10034 01.<strong>09</strong>
Successful Strategy - Discoveries 2008<br />
-<br />
-<br />
4 New Discoveries<br />
Country<br />
UK<br />
Sudan<br />
Norway<br />
Sudan<br />
Russia<br />
Russia<br />
UK<br />
Sudan<br />
France<br />
France<br />
Netherlands<br />
Indonesia<br />
Indonesia<br />
Total<br />
Norway - Pi North<br />
Oil and gas discovery adjacent to<br />
existing UK fields & infrastructure<br />
France - Ferrières<br />
Jurassic Carbonate discovery<br />
currently being tested<br />
Well/Prospect<br />
Ridgewood<br />
Nyal-1<br />
Pi North<br />
Wan Machar-1<br />
Morskaya-1<br />
Laganskaya-1<br />
Torphins<br />
Muny Deng-1<br />
Ferrières<br />
Vaxy<br />
L7<br />
Iris-1<br />
SE Walio<br />
13 wells<br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Results<br />
Dry hole<br />
Dry hole<br />
Oil & gas discovery<br />
Dry hole<br />
Oil discovery<br />
Uncommercial oil find<br />
Uncommercial oil & gas find<br />
Dry hole<br />
Oil discovery<br />
Gas shows<br />
Dry hole<br />
Uncommercial gas find<br />
Oil discovery<br />
4 of 13 (31%)<br />
-<br />
Comments<br />
6.8 MMboe net (incuding Pi South)<br />
115 MMboe net<br />
Testing January 20<strong>09</strong><br />
Interpretation in progress<br />
3.0 MMboe net<br />
-<br />
Indonesia - SE Walio<br />
Russia - Morskaya<br />
Major oil field on trend with<br />
Lukoil fields<br />
Significant Kais Limestone oil find<br />
next to mature Walio field<br />
64<br />
WF10036 01.<strong>09</strong>
WF10535 01.<strong>09</strong><br />
<strong>Exploration</strong> Highlights 20<strong>09</strong><br />
BUDGET 20<strong>09</strong><br />
USD 250 million Norway<br />
USD 39 million Russia<br />
USD 56 million Other<br />
USD 345 million<br />
FRANCE - Paris Basin<br />
- Appraisal drilling - Dordives-2<br />
CONGO (Brazzaville)<br />
- 1 exploration well<br />
- 1 appraisal well<br />
ETHIOPIA<br />
- 2D seismic *<br />
KENYA<br />
- 1 exploration well<br />
- 2D seismic *<br />
NORWAY<br />
- 9 wells<br />
- Appraisal of SE Tor<br />
- 3D seismic<br />
- Pre-development studies<br />
(Nemo, Pi, Luno)<br />
RUSSIA - Langansky<br />
- 1 exploration well<br />
- 1 appraisal / exploration well<br />
- 3D seismic<br />
MALAYSIA<br />
- 3D seismic *<br />
INDONESIA<br />
- 2 exploration wells<br />
15 <strong>Exploration</strong> Wells + 4 Appraisal Wells<br />
VIETNAM<br />
- 1 exploration well<br />
* Subject to final commitment, not included in 20<strong>09</strong> cost forecast<br />
65
WF10039 01.<strong>09</strong><br />
Sudan<br />
Prospective Resources<br />
2008 Prospective Resources*: 3.1 bn boe net unrisked<br />
2008 Prospective Resources*: 740 MMboe net risked<br />
Russia<br />
2008 Net Risked Resources 20<strong>09</strong> Net Risked Resources<br />
Vietnam Tunisia<br />
Kenya<br />
Norway<br />
Congo<br />
Tunisia<br />
Vietnam<br />
Sudan<br />
Dry Holes<br />
550 MMboe<br />
UK<br />
France<br />
Indonesia<br />
Ireland<br />
Vaxy well results still<br />
under investigation<br />
Prospective Resources<br />
Additions<br />
- APA Norway 2007 Netherlands<br />
- Technical works Norway 2007 Ireland<br />
- Kenya Block 9 & 10A<br />
- Congo Block XI & XIV<br />
Indonesia<br />
France<br />
Discoveries<br />
(Contingent Resources / Reserves)<br />
- Ferrières<br />
- SE Walio<br />
- Morskaya<br />
- Pi North<br />
20<strong>09</strong> Prospective Resources*: 2.7 bn boe net unrisked<br />
20<strong>09</strong> Prospective Resources*: 674 MMboe net risked<br />
Russia<br />
(work in progress)<br />
(3.0 MMboe net)<br />
(115 MMboe net)<br />
(2.4 MMboe net)<br />
UK<br />
} 120.4 MMboe<br />
* Excludes APA2008 Licences<br />
66<br />
Norway
WF10040 01.<strong>09</strong><br />
Core Area - Europe<br />
PR = Prospective Resources<br />
Resources are net unrisked<br />
United Kingdom<br />
No of <strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Ireland<br />
No of <strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
France<br />
Norway<br />
No of <strong>Exploration</strong> Licences: 29<br />
No of Prospects:<br />
40<br />
Total PR (prospects only): 1,527 MMboe<br />
2<br />
1<br />
29 MMboe<br />
24<br />
12<br />
98 MMboe<br />
No of <strong>Exploration</strong> Licences: 7<br />
No of Prospects:<br />
6<br />
Total PR (prospects only): 28 MMboe<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Netherlands<br />
No of <strong>Exploration</strong> Licences: 1<br />
No of Prospects:<br />
0*<br />
Total PR (prospects only): 0 MMboe<br />
TOTAL<br />
67<br />
63<br />
59<br />
1,688 MMboe<br />
* numerous near �eld �eld prospects - production licences
WF10041 01.<strong>09</strong><br />
Europe <strong>Exploration</strong> 20<strong>09</strong><br />
Country<br />
TOTAL<br />
Net<br />
Prospective Resources (1)<br />
Net 20<strong>09</strong> Targeted<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 20<strong>09</strong> Wells (unrisked) 20<strong>09</strong> Rig Contracts<br />
Norway 1,527 (2) 40 (2) 9<br />
512<br />
Deep Sea Delta<br />
West Alpha<br />
Songa Dee<br />
Transocean Winner<br />
Maersk Gallant<br />
Bredford Dolphin<br />
UK 98<br />
12<br />
-<br />
- -<br />
France 28<br />
Ireland 29<br />
1,688 59<br />
(1) Includes prospects only (7 MMboe in near field opportunities, Netherlands)<br />
(2) Excludes APA 2008 prospects<br />
6<br />
1<br />
-<br />
-<br />
9<br />
- -<br />
-<br />
512<br />
-<br />
68
WF9978 01.<strong>09</strong><br />
Europe - <strong>Exploration</strong> Drilling Schedule<br />
Country Licence<br />
Norway<br />
PL304<br />
PL340<br />
(1) Mid Case 240 MMboe<br />
Prospect<br />
Marihone A/B<br />
Gross<br />
Likely Drilling Schedule 20<strong>09</strong><br />
Unrisked Net<br />
MMboe Interest Operator Q1 Q2<br />
Q3 Q4<br />
PL338 Luno appraisal 65-190 50% <strong>Lundin</strong><br />
PL006c Hyme 38 75% <strong>Lundin</strong><br />
PL006c SE Tor appraisal 20-25 75% <strong>Lundin</strong><br />
Aegis<br />
104<br />
50%<br />
15%<br />
<strong>Lundin</strong><br />
PL338 Luno extension 135-310 50% <strong>Lundin</strong><br />
(1)<br />
PL412 Eiganes 100 30% Noreco<br />
PL363 Mon 123 60% <strong>Lundin</strong><br />
Marathon<br />
PL359 Luno High<br />
108 70% <strong>Lundin</strong><br />
PL476 Frusalen<br />
45 30% Det norske<br />
PL410 Luno 3<br />
113 100% <strong>Lundin</strong><br />
37<br />
69
WF10538 01.<strong>09</strong><br />
Norwegian Assets - 20<strong>09</strong> <strong>Exploration</strong> WP & Budget<br />
Greater Luno Area<br />
Total: USD 118 MM (USD 88.5 MM drilling)<br />
3 wells<br />
Greater Alvheim Area<br />
Total: USD 66 MM (USD 66 MM drilling)<br />
4 wells<br />
Others<br />
Total: USD 66 MM (USD 29.7 MM drilling)<br />
2 wells<br />
Grand Total: USD 250 MM (USD 184 MM drilling)<br />
6403<br />
6303<br />
206<br />
005<br />
012<br />
214<br />
6402<br />
6302<br />
6202<br />
6203<br />
213<br />
018<br />
025<br />
0 KM 240<br />
6503<br />
216<br />
013<br />
019<br />
026<br />
034<br />
207<br />
208 2<strong>09</strong> 210<br />
006<br />
6301<br />
217<br />
035<br />
<strong>Lundin</strong> Licence<br />
6401<br />
221<br />
6400<br />
6300 6299<br />
222<br />
218<br />
223<br />
001 002 003<br />
Sullom Voe<br />
007 008<br />
014 015<br />
6300<br />
219<br />
Sullom Voe<br />
UK UK1<br />
220<br />
211<br />
0<strong>09</strong><br />
0015<br />
016<br />
002<br />
020 200<br />
0021<br />
022<br />
UK02<br />
UK21<br />
027 028 029<br />
6301 6302 6303<br />
6201<br />
6601<br />
6501<br />
6401<br />
0033<br />
023<br />
0025<br />
0016<br />
030<br />
6602 6603<br />
6502 6503<br />
6402 6403<br />
6202<br />
0034 0035<br />
0030<br />
0007<br />
0001<br />
6703<br />
6203<br />
0031<br />
0026<br />
0017<br />
0008<br />
0002<br />
5603<br />
6704<br />
6604<br />
6504<br />
6404<br />
6304<br />
6204<br />
0036<br />
0032<br />
0027<br />
00<strong>09</strong><br />
6705<br />
6605<br />
6505<br />
6405<br />
6305<br />
6706<br />
6606<br />
0010<br />
6506<br />
5605<br />
6406<br />
6306<br />
6707<br />
6607<br />
6507<br />
6407<br />
0011<br />
5606<br />
6708<br />
6608<br />
6508<br />
6408<br />
67<strong>09</strong><br />
5607<br />
66<strong>09</strong><br />
65<strong>09</strong><br />
6710<br />
6610<br />
6811<br />
6510<br />
5608<br />
6711<br />
6611<br />
6812<br />
0022<br />
0018<br />
0019 Greater Luno Kristiansand<br />
Area<br />
0021<br />
5810<br />
58<strong>09</strong><br />
0020<br />
0003<br />
5604<br />
Barents Sea Area<br />
6205<br />
0004<br />
6206<br />
6307<br />
Bergen<br />
6808<br />
5506<br />
6308<br />
68<strong>09</strong><br />
0012<br />
5707<br />
5507<br />
6810<br />
64<strong>09</strong><br />
0013<br />
5708<br />
6410<br />
5508<br />
6912<br />
6712<br />
Norway<br />
Stavanger<br />
57<strong>09</strong><br />
7220<br />
7219<br />
7127 7128<br />
7215 7216<br />
7217<br />
7218<br />
7126<br />
7125<br />
7124<br />
7123<br />
7122<br />
7121<br />
7120<br />
7119<br />
7118<br />
7117<br />
7116<br />
7022<br />
56<strong>09</strong><br />
6913<br />
55<strong>09</strong><br />
6813<br />
0023<br />
6914<br />
6814<br />
5710<br />
5610<br />
5510<br />
6915<br />
7016<br />
Trondheim<br />
Greater Alvheim Area<br />
Oslo<br />
5711<br />
6916<br />
5611<br />
7017<br />
5511<br />
6917<br />
7018<br />
5612<br />
5512<br />
7019<br />
7020<br />
7021<br />
Tromso<br />
Sweden<br />
Copenhagen<br />
70<br />
5515<br />
5516<br />
7030<br />
7029
WF10420 01.<strong>09</strong><br />
Greater Alvheim Area - <strong>Exploration</strong><br />
PL340 (15%)<br />
Marihone prospects A/B 37 MMboe - drilling 20<strong>09</strong><br />
Padde prospect 42 MMboe<br />
PL363 (60%)<br />
Mon prospect 123 MMboe - drilling 20<strong>09</strong><br />
Monster prospect 50 MMboe<br />
PL304 (50%)<br />
Aegis prospect 104 MMboe - drilling 20<strong>09</strong><br />
Buhund prospect 87 MMboe<br />
PL412 (30%)<br />
Eiganes prospect 100 MMboe - drilling 20<strong>09</strong><br />
Hugin West prospect 36 MMboe<br />
Hugin Central prospect 19 MMboe<br />
Hugin North prospect 19 MMboe<br />
South Kneler (15%)<br />
10 MMbbls - drilling 2010<br />
Alvheim Deep (15%)<br />
950 Bscf - drilling 2011-2012<br />
All numbers are gross unrisked<br />
3<br />
8<br />
0<strong>09</strong><br />
UK<br />
P<strong>09</strong>0 (9/15a)<br />
Alvheim Deep<br />
South Kneler<br />
PL340<br />
PL150<br />
PL340 0024<br />
PL413<br />
PL088<br />
PL036c<br />
PL203<br />
PL505<br />
PL304<br />
PL363<br />
PL363<br />
0025<br />
PL304<br />
71<br />
PL412<br />
PL412<br />
Norway
WF10018 12.08<br />
Greater Luno Area<br />
008<br />
015<br />
UK<br />
016<br />
0<strong>09</strong><br />
PL088<br />
P<strong>09</strong>0<br />
Peik field P<strong>09</strong>0<br />
Alvheim field<br />
Volund field<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
PL340<br />
0024<br />
0015<br />
PL150<br />
PL413<br />
PL036c<br />
PL203<br />
PL505<br />
PL304<br />
PL359<br />
0016<br />
0025<br />
PL338 PL501<br />
PL4<strong>09</strong><br />
PL363<br />
PL167<br />
PL167B<br />
PL410<br />
72<br />
PL412<br />
Norway<br />
0 KM 20<br />
0026<br />
Luno discovery<br />
0017
WF10358 01.<strong>09</strong><br />
Major New Upside from Luno Extensions<br />
Luno extensions (sub-basins)<br />
<strong>Exploration</strong> well to be drilled in<br />
second half 20<strong>09</strong><br />
Prospective resources in extensions<br />
135 - 310 MMboe (Mid 241 MMboe)<br />
Total Resource Potential<br />
in Luno and Luno Extensions<br />
200-500 MMboe<br />
Luno Discovery<br />
Luno Extensions<br />
Luno Discovery<br />
65 - 190 MMboe<br />
Luno extension<br />
135 - 310 MMboe<br />
(Mid 241 MMBoe)<br />
PL338 (<strong>Lundin</strong> 50%)<br />
PL167<br />
(<strong>Lundin</strong> 20%)<br />
16/1-8<br />
Luno discovery<br />
PL501 (<strong>Lundin</strong> 40%)<br />
PL359 (<strong>Lundin</strong> 70%) PL410 (<strong>Lundin</strong> 100%)<br />
Luno High<br />
108* MMboe<br />
Well in 2H 20<strong>09</strong><br />
16/1-10<br />
Luno appraisal<br />
well<br />
Luno extension well<br />
Second half 20<strong>09</strong><br />
Luno 3 Prospect<br />
113* MMboe<br />
* Luno High mean 150 MMboe, Luno 3 mean 153 MMboe<br />
73<br />
Avaldsnes<br />
prospect
WF10598 01.<strong>09</strong><br />
Schematic Illustration of Luno Discovery<br />
16/1-8<br />
(Luno discovery well)<br />
16/1-10<br />
(Luno appraisal well)<br />
Tested<br />
4,000 bopd<br />
OWC<br />
74
WF10358 01.<strong>09</strong><br />
Further <strong>Exploration</strong> Potential in Greater Luno Area<br />
Seismic<br />
Greater Luno Area 3D acquisition<br />
planned for 20<strong>09</strong><br />
PL 338 (50%)<br />
Luno extension (sub-basins)<br />
- exploration well to be drilled<br />
in second half 20<strong>09</strong><br />
PL 359 (70%)<br />
<strong>Exploration</strong> well in 20<strong>09</strong><br />
- well is targeting Luno High in<br />
the north east corner of the licence<br />
PL 410 (100%)<br />
<strong>Exploration</strong> well, in 20<strong>09</strong><br />
PL 501 (40%)<br />
Awarded January 20<strong>09</strong><br />
1 exp. well commitment within 3 years<br />
TOTAL UNRISKED RESOURCE<br />
POTENTIAL IN LUNO AREA:<br />
420-720 MMBOE GROSS**<br />
Luno Discovery<br />
Luno Extensions<br />
Luno Discovery<br />
65 - 190 MMboe<br />
Luno extension<br />
135 - 310 MMboe<br />
(Mid 241 MMBoe)<br />
PL338 (<strong>Lundin</strong> 50%)<br />
16/1-10<br />
PL167<br />
(<strong>Lundin</strong> 20%)<br />
16/1-8<br />
Luno discovery<br />
PL501 (<strong>Lundin</strong> 40%)<br />
Luno extension well<br />
Second half 20<strong>09</strong><br />
PL359 (<strong>Lundin</strong> 70%) PL410 (<strong>Lundin</strong> 100%)<br />
Luno High<br />
108* MMboe<br />
Well in 2H 20<strong>09</strong><br />
Luno appraisal<br />
well<br />
Luno 3 Prospect<br />
113* MMboe<br />
* Luno High mean 150 MMboe, Luno 3 mean 153 MMboe<br />
** Excludes Avaldsnes prospect in PL501<br />
75<br />
Avaldsnes<br />
prospect
WF9900 11.08<br />
Barents Sea - Core Area<br />
PL438<br />
<strong>Lundin</strong> <strong>Petroleum</strong> 35% (operator)<br />
PL490<br />
<strong>Lundin</strong> <strong>Petroleum</strong> 40% (operator)<br />
PL492<br />
<strong>Lundin</strong> <strong>Petroleum</strong> 40%<br />
<strong>Exploration</strong> 20<strong>09</strong>-2010<br />
Evaluate new 3D seismic and plan<br />
for drilling<br />
Plan to drill well on Skalle in 2010<br />
Prospective Resources<br />
Prospect *MMboe COS %<br />
Lavvo (PL438) 88<br />
19<br />
11<br />
Skalle (PL438) 149<br />
41<br />
Rein (PL438) 87 21<br />
2<br />
1<br />
*Gross Unrisked Prospective Resources<br />
8<br />
1<br />
11<br />
9<br />
9<br />
2<br />
12<br />
5<br />
12<br />
3b<br />
7<br />
0 KM 12a 40 7221<br />
11<br />
7220<br />
3<br />
10<br />
6<br />
10<br />
8<br />
1<br />
11<br />
1c<br />
3<br />
GAMMA<br />
2<br />
1a<br />
4<br />
11<br />
2<br />
12b<br />
4a<br />
6 PL490<br />
5<br />
4<br />
5b<br />
5a<br />
712 7120<br />
6a<br />
6c<br />
6b<br />
4b<br />
7a<br />
5d<br />
5b<br />
4<br />
9a<br />
8a<br />
SNOEHVIT AREA 7121<br />
6<br />
8b 8a 9b<br />
7b<br />
8b<br />
7b<br />
9<br />
7a<br />
711 71198<br />
8c<br />
7<br />
4<br />
3a<br />
1b<br />
9a<br />
7b<br />
9b<br />
12<br />
701 7019<br />
5<br />
3<br />
10<br />
10<br />
PL492<br />
6d<br />
6<br />
1<br />
1<br />
11<br />
4<br />
4c<br />
2<br />
2<br />
12<br />
12<br />
5c<br />
702 7020<br />
5<br />
3<br />
3<br />
10<br />
10<br />
6<br />
6a<br />
7222 11<br />
PL438<br />
5a<br />
6b<br />
1<br />
1<br />
11<br />
9a<br />
4b<br />
4<br />
9b<br />
12<br />
2<br />
4a<br />
2<br />
12<br />
7<br />
7021<br />
5b<br />
Barents Barents Barents Barents Barents Barents Barents Barents Sea Sea Sea Sea Sea Sea Sea Sea<br />
5<br />
3<br />
7223<br />
10<br />
5a<br />
7122<br />
10a<br />
3<br />
10b<br />
8<br />
6<br />
6<br />
1<br />
9a<br />
1<br />
11<br />
11<br />
4<br />
4b<br />
4a<br />
9b<br />
2<br />
2<br />
7a<br />
12<br />
702 7022<br />
5<br />
7b<br />
GOLIATH<br />
3<br />
TORNEROSE<br />
3<br />
712 7123<br />
10<br />
8<br />
1<br />
702 7023 1<br />
11<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
9<br />
2<br />
6b<br />
Norsk Hydro<br />
5 Discovery 6a<br />
4<br />
6<br />
2<br />
12<br />
76<br />
“Nucula”<br />
7<br />
3<br />
7124<br />
10<br />
8<br />
1<br />
7125 4b<br />
11<br />
9<br />
2<br />
4a<br />
7<br />
12<br />
5b<br />
5a
Norway Continental Shelf - Prospective Resources<br />
Licence<br />
PL359<br />
PL338<br />
PL338<br />
PL410<br />
PL359<br />
PL4<strong>09</strong><br />
PL4<strong>09</strong><br />
PL359<br />
PL400<br />
PL363<br />
PL359<br />
PL438<br />
PL304<br />
PL4<strong>09</strong><br />
PL486s<br />
PL304<br />
PL438<br />
PL438<br />
PL363<br />
PL412<br />
Alvheim Area<br />
Alvheim Area<br />
Alvheim Area<br />
PL006C & D<br />
PL412<br />
PL440S<br />
PL150<br />
PL476<br />
PL412<br />
PL167<br />
PL440S<br />
PL412<br />
PL400<br />
PL340<br />
PL412<br />
PL412<br />
PL476<br />
PL340<br />
PL340<br />
PL340<br />
Gross*<br />
Net*<br />
Prospect Unrisked Equity % Unrisked CoS %<br />
Lemond<br />
Luno extension 16/1-11<br />
Greater Luno Area<br />
Greater Luno Area<br />
Greater Luno Area<br />
D<br />
E<br />
Armstrong<br />
Barchan<br />
Mon<br />
Merckx<br />
Skalle<br />
Aegis<br />
A<br />
Safir<br />
Buhund (West Hanz)<br />
Lavvo<br />
Rein<br />
Monster<br />
Eiganes<br />
Alvheim Deep<br />
E Kneler<br />
S Kneler<br />
Hyme<br />
Tasta (Hugin S)<br />
Helena<br />
(Ibsen) Kielland<br />
Frusalen<br />
Hugin W<br />
Verdandi (Oil)<br />
Clapton<br />
Ty N<br />
Blizzard<br />
Padde<br />
Hugin Central<br />
Hugin N<br />
Trolltind<br />
Marihone A<br />
Marihone B<br />
Frosk<br />
198<br />
241<br />
73<br />
113<br />
108<br />
94<br />
93<br />
122<br />
170<br />
123<br />
76<br />
149<br />
104<br />
50<br />
155<br />
87<br />
88<br />
87<br />
50<br />
100<br />
158<br />
2<br />
10<br />
38<br />
38<br />
102<br />
47<br />
45<br />
36<br />
53<br />
56<br />
33<br />
19<br />
42<br />
19<br />
19<br />
13<br />
32<br />
5<br />
6<br />
Total 3,054<br />
70%<br />
50%<br />
50%<br />
100%<br />
70%<br />
100%<br />
100%<br />
70%<br />
50%<br />
60%<br />
70%<br />
35%<br />
50%<br />
100%<br />
30%<br />
50%<br />
35%<br />
35%<br />
60%<br />
30%<br />
15%<br />
15%<br />
15%<br />
75%<br />
30%<br />
18%<br />
35%<br />
30%<br />
30%<br />
20%<br />
18%<br />
30%<br />
50%<br />
15%<br />
30%<br />
30%<br />
30%<br />
15%<br />
15%<br />
15%<br />
138.6<br />
120.5<br />
120.5<br />
113.0<br />
75.6<br />
94.0<br />
93.0<br />
85.4<br />
85.0<br />
73.8<br />
53.2<br />
52.2<br />
51.8<br />
50.0<br />
46.5<br />
43.5<br />
30.8<br />
30.5<br />
30.0<br />
30.0<br />
23.8<br />
0.4<br />
1.5<br />
28.5<br />
11.4<br />
18.4<br />
16.5<br />
13.5<br />
10.8<br />
10.6<br />
10.1<br />
9.9<br />
9.5<br />
6.3<br />
5.7<br />
5.7<br />
3.9<br />
4.8<br />
0.8<br />
0.9<br />
20%<br />
50%<br />
30%<br />
40%<br />
40%<br />
17%<br />
15%<br />
30%<br />
25%<br />
25%<br />
18%<br />
41%<br />
19%<br />
21%<br />
14%<br />
19%<br />
19%<br />
21%<br />
25%<br />
25%<br />
18%<br />
50%<br />
50%<br />
19%<br />
22%<br />
20%<br />
12%<br />
28%<br />
25%<br />
20%<br />
20%<br />
17%<br />
15%<br />
14%<br />
81%<br />
25%<br />
26%<br />
36%<br />
36%<br />
63%<br />
Net*<br />
Risked<br />
27.7<br />
60.3<br />
11.0<br />
45.2<br />
30.2<br />
16.0<br />
14.0<br />
25.6<br />
21.3<br />
18.5<br />
9.6<br />
21.4<br />
9.8<br />
10.5<br />
6.5<br />
8.3<br />
5.9<br />
6.4<br />
7.5<br />
7.5<br />
4.3<br />
0.2<br />
0.8<br />
5.3<br />
2.5<br />
3.7<br />
2.0<br />
3.8<br />
2.7<br />
2.1<br />
2.0<br />
1.7<br />
1.4<br />
0.9<br />
4.6<br />
1.4<br />
1.0<br />
1.7<br />
0.3<br />
0.6<br />
1,527 406<br />
WF10042 No 01.<strong>09</strong> 20<strong>09</strong> drilling combined targets<br />
*resources (MMboe)<br />
Net Prospective Resources<br />
Unrisked: 1,527 MMboe , Risked: 406 MMboe<br />
Volund & PL150<br />
PL340<br />
PL338<br />
<strong>Lundin</strong> <strong>Petroleum</strong> operated assets<br />
<strong>Lundin</strong> <strong>Petroleum</strong> non-operated assets<br />
PL359<br />
PL438<br />
PL363<br />
PL412<br />
Alvheim & PL203<br />
PL304<br />
PL167<br />
PL410<br />
PL4<strong>09</strong><br />
PL006C & D<br />
PL440S<br />
4 NEW LICENCES AWARDED IN APA 2008<br />
77<br />
PL400
WF10042 EU 01.<strong>09</strong><br />
Rest of Europe - Prospective Resources<br />
Licence<br />
UK<br />
P1406<br />
P25R4<br />
P1410<br />
P25R4<br />
P1471<br />
P25R4<br />
P25R4<br />
P1399<br />
P1107<br />
P1410<br />
P902<br />
P1125<br />
Gross*<br />
Net*<br />
Prospect Unrisked Equity % Unrisked CoS %<br />
3/11 Delta<br />
Lydd<br />
Sheila<br />
Rye<br />
Prestwick<br />
Goole<br />
Crathes<br />
Wenvoe<br />
Inchmarlo<br />
Kylie<br />
Broom Area 15 West<br />
Nairn<br />
36<br />
25<br />
20<br />
16<br />
19<br />
13<br />
11<br />
29<br />
5<br />
3<br />
3<br />
3<br />
100%<br />
50%<br />
60%<br />
50%<br />
35%<br />
50%<br />
40%<br />
15%<br />
40%<br />
60%<br />
55%<br />
15%<br />
36.4<br />
12.5<br />
12.1<br />
8.2<br />
6.8<br />
6.6<br />
4.4<br />
4.4<br />
2.2<br />
2.1<br />
1.7<br />
0.5<br />
25%<br />
50%<br />
25%<br />
32%<br />
13%<br />
24%<br />
65%<br />
19%<br />
69%<br />
18%<br />
51%<br />
10%<br />
Net*<br />
Risked<br />
Total 186 98 30<br />
NETHERLANDS<br />
Leeuwarden<br />
L4a<br />
Gorredijk<br />
Gorredijk<br />
Gorredijk<br />
Gorredijk<br />
FRANCE<br />
Wommels (=Y1)<br />
L4-T (L4-G Triassic)<br />
De Hoeve-1<br />
Vinkega-1<br />
Nieuwehorne-1<br />
Follega A<br />
22 other prospects<br />
0.8<br />
5.0<br />
1.3<br />
2.9<br />
2.2<br />
6.0<br />
76.3<br />
7.23%<br />
4.34%<br />
7.75%<br />
7.75%<br />
7.75%<br />
7.75%<br />
various<br />
Total 3,445 1,688 449.4<br />
0.1<br />
0.2<br />
0.1<br />
0.2<br />
0.2<br />
0.5<br />
5.6<br />
29.0%<br />
15.0%<br />
24.0%<br />
24.0%<br />
24.0%<br />
32.0%<br />
na<br />
Total 94.5 6.8 na<br />
9.1<br />
6.2<br />
3.0<br />
2.6<br />
0.9<br />
1.6<br />
2.9<br />
0.8<br />
1.5<br />
0.4<br />
0.8<br />
0.0<br />
0.0<br />
0.0<br />
0.0<br />
0.1<br />
0.0<br />
0.1<br />
na<br />
Carret East Piquey<br />
19.0 50% 9.3 24.0% 2.2<br />
Carret Griset<br />
16.0 50% 8.1 25.0% 2.0<br />
Ferrières Montargis<br />
12.0 65% 7.7 35.0% 2.7<br />
Les MImosas Bernet<br />
3.0 50% 1.4 68.0% 0.9<br />
Nemours Boulay-Chaunoy 2.0 50% 1.0 56.0% 0.5<br />
Les Mimosas N Acacias<br />
1.0 50% 0.3 72.0% 0.2<br />
Total 52.0 28.0 9.0<br />
IRELAND<br />
Slyne Alpha 59.0 50% 29.4 16.0% 4.7<br />
Total 59.0 29.0 4.7<br />
*resources (MMboe)<br />
Total Europe Net Prospective Resources<br />
Unrisked: 1,688 MMboe , Risked: 449.4 MMboe<br />
Ireland<br />
Spain<br />
United<br />
Kingdom<br />
France<br />
Netherlands<br />
78<br />
Norway<br />
Denmark<br />
Germany<br />
Italy
WF10357 01.<strong>09</strong><br />
Core Area - Russia<br />
Russia <strong>Exploration</strong><br />
Morskaya discovery well<br />
drilled 2008<br />
Laganskaya (with shows)<br />
drilled 2008<br />
Petrovskaya prospect to<br />
be drilled 20<strong>09</strong><br />
Morskaya-2 exploration /<br />
appraisal well to be drilled<br />
20<strong>09</strong><br />
20<strong>09</strong> 3D seismic<br />
Russia<br />
Petrovskaya Prospect<br />
Caspian Field<br />
Astrakhan Field<br />
100 tcfg<br />
Viktor Filanovsky<br />
600 MMBO, 1.2 tcfg<br />
Sarmatskoye Field<br />
Astrakhan<br />
Morskaya discovery<br />
Khvalynskoye Field<br />
266 MMBO<br />
CPC Pipeline<br />
Rakushechnoye Field<br />
4.4 tcfg<br />
Korchagin Field<br />
380 MMBO<br />
Kazakhstan<br />
Kalamkas Field<br />
1-2 BBO<br />
Makhachkala Aktau<br />
Caspian Sea<br />
Caspain Sea<br />
Kazhakstan<br />
Atyrau<br />
RUSSIA<br />
Kashagan Field<br />
15 BBO<br />
79<br />
China<br />
Mongolia<br />
Tengiz Field<br />
9 BBO<br />
Oil Field<br />
Gas<br />
Condensate<br />
Oil Pipeline<br />
Gas Pipeline<br />
Terminal
WF10050 01.<strong>09</strong><br />
Russia - Lagansky Block<br />
Initial work programme<br />
commitment of 4 wells<br />
Remaining commitment<br />
drilling strategy:<br />
Appraise western end of<br />
large Morskaya discovery<br />
Drill on-trend dip closed<br />
Petrovskaya structure<br />
Prospective Resources:<br />
Prospect *MMboe COS %<br />
Petrovskaya 300 50%<br />
*Gross Unrisked Prospective Resources<br />
Morskaya-2 to be drilled using shallow<br />
water Marine Drilling Complex (MDC)<br />
Petrovskaya-1 to be drilled with<br />
land rig from Volga channel island<br />
location<br />
0 MK02<br />
Kaspiskoye<br />
Lagansky Block<br />
Petrovskaya Prospect<br />
Northern Caspian<br />
<strong>Lundin</strong><br />
Concession<br />
Oil Field<br />
Laganskaya-1<br />
Morskaya Discovery<br />
Morskaya-1<br />
COC well<br />
Viktor Filanovski<br />
600 MMbbls<br />
1.2 TCF<br />
Rakushechnoye Field<br />
4.4 TCF<br />
Rak-4<br />
Rak-1<br />
Rak-2<br />
80<br />
Gas Field<br />
Prospects<br />
Severo-<br />
Rakushechny<br />
Yuri Korchagin
WF10591 01.<strong>09</strong><br />
Petrovskaya Prospect<br />
Example seismic line and structure map<br />
S N<br />
81<br />
Base Cenomanian<br />
WG_k2cm_Depth<br />
Top Barremian<br />
WG_k1br_g_Depth<br />
PETROVSKAYA<br />
PROSPECT
WF10046 01.<strong>09</strong><br />
Russia <strong>Exploration</strong><br />
Country<br />
Russia<br />
(Lagansky block)<br />
TOTAL<br />
Licence<br />
Net<br />
Net 20<strong>09</strong> Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 20<strong>09</strong> Wells (unrisked) 2008 Rig Contracts<br />
149 1<br />
149 1<br />
Prospect/<br />
Discovery Equity<br />
Unrisked<br />
Gross<br />
Lagansky Petrovskaya 50% 300<br />
Lagansky Morskaya-2 50% -<br />
1<br />
1<br />
149 Eurasia BU3200<br />
149<br />
20<strong>09</strong><br />
mmboe Q1 Q2 Q3 Q4<br />
Rig<br />
Land Rig<br />
DC<br />
82
WF10351 01.<strong>09</strong><br />
Core Area - South East Asia<br />
THAILAND<br />
Block E<br />
Cakalang<br />
MALAYSIA<br />
PM308A & B<br />
SUMATRA<br />
CAMBODIA<br />
Jemaja<br />
Lematang<br />
VIETNAM<br />
Rangkas<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Licence<br />
Direct Joint Study Area<br />
Baronang<br />
Cambodia<br />
<strong>Exploration</strong> Licences:<br />
No of Leads:<br />
Block 06/94<br />
JAVA<br />
Sokang<br />
SARAWAK<br />
Borneo<br />
KALIMANTAN<br />
BRUNEI<br />
INDONESIA<br />
1<br />
7<br />
SB303<br />
SABAH<br />
SULAWESI<br />
Vietnam<br />
<strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Indonesia<br />
Malaysia<br />
<strong>Exploration</strong> Licences:<br />
4<br />
No of Prospects:<br />
53<br />
Total PR (prospects only): 134 MMboe<br />
PR = Prospective Resources<br />
Resources are net unrisked<br />
1<br />
7<br />
182 MMboe<br />
<strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Leads awaiting 3D acquisition<br />
Salawati Basin/<br />
Salawati Island<br />
TOTAL<br />
3<br />
0<br />
WEST<br />
PAPUA<br />
<strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
AUSTRALIA<br />
83<br />
Sareba<br />
PAPUA<br />
9<br />
60<br />
316 MMboe
WF10056 01.<strong>09</strong><br />
South East Asia <strong>Exploration</strong><br />
Country<br />
TOTAL<br />
Net<br />
Net 20<strong>09</strong> Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 20<strong>09</strong> Wells (unrisked) 2008 Rig Contracts<br />
Vietnam 182 7 1 53<br />
YES<br />
Indonesia 134 53 2 18 YES<br />
Cambodia1 - 0 0 -<br />
-<br />
Malaysia2 - 0 0 -<br />
-<br />
316 60<br />
1 Early stage exploration. 2008 seismic data to be interpreted. One contingent well to be assessed.<br />
2 3D seismic is planned in 20<strong>09</strong>/10 - all structures currently have lead status awaiting 3D seismic interpretation<br />
* Includes prospects only<br />
3<br />
71<br />
84
WF10359 11.08<br />
Vietnam - Block 06-94<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 33.33%<br />
Pearl Energy: 33.33% (operator)<br />
Serica: 33.33%<br />
Block 06/94 located in southern<br />
Nam Con Son Basin<br />
BP’s Lan Tay & Lan Do gas fields (2.0 TCF)<br />
located in block to the north<br />
Premier’s Dua & Chim Sao oil fields<br />
(75 MMboe) is located in the<br />
adjacent block to the west<br />
1750 km 2 3D seismic acquired in<br />
block<br />
First exploration well scheduled<br />
for 20<strong>09</strong> - Tuong Vi<br />
Gross Unrisked Prospective Resources<br />
Prospect MMboe<br />
Tuong Vi 159<br />
COS%<br />
26<br />
Ho Chi Minh<br />
VIETNAM<br />
Capacity<br />
700 MMCF/D<br />
Dua Oil Field - 59 MMboe<br />
(Premier)<br />
Oil Field Gas Field<br />
Condensate Field Prospect / Lead<br />
11-2<br />
B<br />
05-3<br />
Tuong Vi<br />
06-94<br />
C<br />
06-94<br />
Lan Tay<br />
(1.6 TCF)<br />
05-2<br />
Tuong Vi<br />
Chim Sao Field - 16 MMboe<br />
(Premier )<br />
06-1<br />
D<br />
85<br />
Lan Do<br />
(0.4 TCF)<br />
E<br />
0 5K
Dua Oil Field<br />
WF10059 01.<strong>09</strong><br />
Vietnam - 06/94<br />
Dua Terrace<br />
Block Limit<br />
0 KM 10<br />
Northern<br />
Basin<br />
Lan Tai Gas Field<br />
06/94<br />
“A” (Tuong Vi) Prospect<br />
Lan Do Gas Field<br />
Central<br />
Fault Block<br />
86<br />
Hoa Dao<br />
High
WF10060 01.<strong>09</strong><br />
Vietnam - 06/94<br />
NW-SE seismic line through Tuong Vi prospect<br />
Reef Carbonate<br />
reservoir<br />
Clastic deltaic<br />
reservoir<br />
Fore-reef debris<br />
Planned well location<br />
Possible gas effect<br />
over structure crest<br />
Carbonate patch<br />
reef build-up<br />
Coal bearing<br />
source rock<br />
“A” (Tuong Vi) Prospect<br />
87<br />
Block boundary
WF10042 AS 01.<strong>09</strong><br />
South East Asia - Prospective Resources<br />
Gross*<br />
Net*<br />
Licence Prospect Unrisked Equity % Unrisked CoS %<br />
VIETNAM<br />
06-94<br />
06-94<br />
Net*<br />
Risked<br />
Total 546 182 27<br />
INDONESIA<br />
A Ngnoc Bich (Jade or<br />
Tuong Vi, well name<br />
06-94-1X) Carbonates<br />
A Ngnoc Bich (Jade or<br />
Tuong Vi, well name<br />
06-94-1X) Clastics<br />
91 33.3% 30.2 34% 10.3<br />
68 33.3% 22.7 16% 3.7<br />
06-94 B (previously Cay Que) 110 33.3% 36.7 12% 4.3<br />
06-94<br />
06-94<br />
06-94<br />
06-94<br />
C (New prospect, also<br />
named HDN deep)<br />
D West (previously<br />
Hoa Hong)<br />
D East (previously<br />
Hoa Hong)<br />
E (new prospect, also<br />
named Hoa Mai)<br />
101 33.3% 33.7 10% 3.3<br />
99 33.3% 33.0 10% 3.2<br />
47 33.3% 15.7 10% 1.5<br />
30 33.3% 10.0 11% 1.0<br />
All All 497 various 134.2 various 30.0<br />
Total 497 134<br />
Total 1,043 316<br />
20<strong>09</strong> drilling combined targets<br />
30<br />
57.5<br />
*resources (MMboe)<br />
THAILAND<br />
Cakalang<br />
MALAYSIA<br />
SUMATRA<br />
CAMBODIA<br />
Jemaja<br />
Lematang<br />
VIETNAM<br />
Rangkas<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Licence<br />
Direct Joint Study Area<br />
Block 06/94<br />
Baronang<br />
JAVA<br />
Sokang<br />
SARAWAK<br />
Borneo<br />
KALIMANTAN<br />
BRUNEI<br />
INDONESIA<br />
SABAH<br />
SULAWESI<br />
88<br />
Salawati Basin/<br />
Salawati Island<br />
Sareba<br />
AUSTRALIA<br />
WEST<br />
PAPUA<br />
Net Prospective Resources<br />
Unrisked: 316 MMboe , Risked: 57.5 MMboe
WF10576 12.08<br />
Indonesia - SE Walio Discovery, Salawati Basin<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 25.936%<br />
PetroChina: 30% (operator)<br />
Pearl Oil: 34%<br />
Pertamina: 10%<br />
SE Walio discovery<br />
Close to existing infrastructure<br />
Cased hole DST2 2,300 bopd<br />
Cased hole DST3 2,400 bopd<br />
Expected to come on production<br />
in H2 20<strong>09</strong> at > 2000 bopd gross<br />
Further 2 well appraisal planned<br />
in Q2<br />
Net Unrisked Contingent Resources<br />
Discovery MMboe<br />
SE Walio 3<br />
TBA field<br />
Salawati Island<br />
Salawati Basin<br />
Gas Field<br />
Oil Field<br />
TBC field<br />
Koi<br />
0 20<br />
KM<br />
Salawati Island<br />
SW O field<br />
M-20<br />
Sal N<br />
Amuk<br />
Mato field<br />
C<br />
E F<br />
D<br />
A<br />
K.Utara<br />
Kasim Jaya<br />
K.Barat<br />
Walio<br />
SE. Walio<br />
South East Walio discovery<br />
Cendrawasih<br />
SW C<br />
Linda<br />
SW A<br />
Sele<br />
Moi<br />
N.Sele<br />
W. Klagagi<br />
Klalin<br />
Arar<br />
Walio Block<br />
89<br />
Klagagi<br />
Arar Block<br />
Papua<br />
Klamono<br />
Well location<br />
SE Walio-1
WF10045 01.<strong>09</strong><br />
Other Area - Africa<br />
PR = Prospective Resources<br />
Resources are net unrisked<br />
Tunisia<br />
No of Licences:<br />
3<br />
No of Prospects:<br />
5<br />
Total PR (prospects only): 18 MMboe<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Congo (Brazzaville)<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
TOTAL<br />
Sudan<br />
2<br />
11<br />
46 MMboe<br />
No of Licences:<br />
No of Prospects:<br />
Total (prospects only):<br />
1<br />
7<br />
76 MMboe<br />
11<br />
29<br />
556 MMboe<br />
Ethiopia<br />
No of Licences:<br />
3<br />
Only leads de�ned on sparse<br />
2D seismic<br />
Kenya<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
90<br />
2<br />
6<br />
416 MMboe
WF10047 01.<strong>09</strong><br />
Africa <strong>Exploration</strong><br />
Country<br />
Sudan<br />
TOTAL<br />
Net<br />
Net 20<strong>09</strong> Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 20<strong>09</strong> Wells (unrisked) 20<strong>09</strong> Rig Contracts<br />
76<br />
Tunisia 18<br />
Congo 1 46<br />
Ethiopia 2 -<br />
Kenya 3 416<br />
1 1 exploration and 1 appraisal well - volume excludes Viodo appraisal well<br />
2 Only leads identified on limited 2D seismic data<br />
3 200 MMboe net PR newly acquired Block 9 (2008 farm-in) - Bogal prospect to be drilled Q3 20<strong>09</strong><br />
7<br />
5<br />
11<br />
556 29<br />
-<br />
6<br />
-<br />
-<br />
1 14<br />
-<br />
1<br />
2<br />
-<br />
-<br />
- -<br />
-<br />
98<br />
112<br />
High Island V<br />
-<br />
-<br />
91
WF9171 11.08<br />
<strong>Exploration</strong>: Sudan Block 5B<br />
Thar Jath (Dev)<br />
Thar Jath<br />
Jarayan<br />
Block 5A<br />
Wan Machar-1 completed (dry)<br />
Nyal-1 completed (dry)<br />
Adok<br />
N<br />
V<br />
White Nile<br />
Lake Nuong<br />
Nuong Dock<br />
Seismic Camp<br />
Bahr El Zaraaf<br />
0<br />
Block 5B<br />
Khawr Jurwel<br />
Block B Central<br />
Km 20<br />
Muny Deng completed (dry)<br />
Jonglei Canal<br />
Block B Central<br />
CHAD<br />
LIBYA<br />
CENTRAL<br />
AFRICAN REPUBLIC<br />
CONGO<br />
EGYPT<br />
SUDAN<br />
92<br />
Port Sudan<br />
Khartoum<br />
Kosti<br />
ETHIOPIA<br />
BLOCK 5B<br />
KENYA<br />
Red Sea<br />
ERITREA<br />
Phase 1: exploration work<br />
commitment completed<br />
(3 wells + >1,000 km 2D seismic)<br />
Partnership drilled 3 wells into<br />
main reservoir. All wells dry, with<br />
minor gas shows & no oil shows<br />
In discussion with partnership<br />
regarding way forward
WF8747 10.08<br />
Appraisal: Congo Brazzaville - Blocks Marine XI and XIV<br />
Blocks Marine XI and XIV<br />
Marine XI - <strong>Lundin</strong> <strong>Petroleum</strong> 18.75%<br />
Marine XIV - <strong>Lundin</strong> <strong>Petroleum</strong> 21.55%<br />
Marine XI<br />
2006 3D seismic identified post-salt<br />
Sendji SI prospect (13.7 MMboe net PR)<br />
2006 3D seismic allows better mapping<br />
of Viodo discovery reservoir distribution<br />
Two wells planned in 20<strong>09</strong>:<br />
Viodo appraisal well<br />
Sendji SI exploration well<br />
Marine XIV<br />
Successful farm-in achieved in 2008 with<br />
Marine XI partners<br />
1 well to be drilled before July 2010<br />
Multi-azimuth 3D commitment to be<br />
acquired Q2 20<strong>09</strong><br />
M'Wengui<br />
Nyanga Mayombe<br />
M'Bya Marin<br />
Mer Profonde Sud<br />
Marine IV<br />
Yombo-Masseko-Youbi<br />
Mwafi<br />
Marine IX<br />
Loango<br />
Likalala-Libondo<br />
Gabon<br />
14K / A-IMI<br />
Kombi<br />
Zatchi Marine<br />
Foukanda<br />
Djambala Marine<br />
Moho-Bilondo<br />
Yanga-Sendji<br />
Sounda Marine<br />
Kitina Marine<br />
Marine XIV<br />
Noumbi<br />
Marine III A<br />
Haute Mer C<br />
Lobito<br />
N'Kossa<br />
Nemba<br />
Block 14aLomba<br />
Kuito<br />
Block Tomboco 14d<br />
Benguela<br />
Belize<br />
Landana<br />
Kouilou B<br />
Tchibouela<br />
Tchibeli-Litanzi-Loussima<br />
Tchendo<br />
Vanza<br />
Longui<br />
Congo Brazzaville<br />
Kayo Bloc Nord<br />
N'Sangui<br />
Block 14b Bomboco<br />
Block 0 (Area B)<br />
Kokongo<br />
Marine III B<br />
Emeraude<br />
Block 0 (Area B)<br />
Kouilou A<br />
Tilapia<br />
Marine XI<br />
N'Soko<br />
Likouala<br />
Pointe Indienne<br />
Awa-Paloukou<br />
Kouakouala B Kouakouala D<br />
Block 0 (Area A)<br />
Kayo Bloc Sud<br />
12°0'0"E<br />
93<br />
Kouakouala A<br />
Kouakouala C<br />
Cabinda A (North)<br />
0 9 18<br />
D.R.C.<br />
Angola<br />
Km<br />
Cabinda B (Center)<br />
Cabinda C (South)<br />
4°0'0"S
WF8765 01.08<br />
East Africa<br />
Ethiopia<br />
2D seismic acquisition 20<strong>09</strong>/2010<br />
Kenya<br />
Bogal-1 well<br />
Scheduled for Q3 20<strong>09</strong><br />
Block 5B<br />
Sudan<br />
MUGLAD BASIN<br />
MELUT BASIN<br />
Eliye Springs 1<br />
Loperot 1<br />
Laga Balal 1<br />
Chalbi 3<br />
Kenya<br />
Eritrea<br />
Ethiopia<br />
Block 10A<br />
Bellatrix 1<br />
Kargi 1A Kargi 1<br />
Sirius 1 11ANZA<br />
Ndovu 1<br />
BASIN<br />
Duma 1<br />
Kaisut 1<br />
ANZA ANZA ANZA ANZA BASIN BASIN BASIN BASIN<br />
OGADEN BASIN<br />
Block 9<br />
Anza 1<br />
Elgal 1<br />
Bahati 1<br />
Hotori 1<br />
Endela 1<br />
Tarbaj 1<br />
Elgal 2<br />
Ogaden-02<br />
Waligiro 1<br />
Meri 1<br />
Adigala<br />
Ogaden-08<br />
Djibouti<br />
Ogaden-06<br />
Ogaden-07<br />
OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN OGADEN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN BASIN<br />
MARIB-SHABWA BASIN<br />
Yemen<br />
94<br />
Gulf of Aden<br />
BERBERA BASIN<br />
AL MEDO BASIN<br />
Somalia<br />
NOGAL BASIN<br />
SAYUN-<br />
MASILA<br />
BASIN<br />
0 KM 200
WF10042 AFR 01.<strong>09</strong><br />
Africa - Prospective Resources<br />
Gross*<br />
Licence Prospect Unrisked Equity %<br />
Congo<br />
Marine XI<br />
Marine XI<br />
Marine XI<br />
Marine XIV<br />
Marine XI<br />
Marine XIV<br />
Marine XIV<br />
Marine XIV<br />
Marine XIV<br />
Marine XIV<br />
Marine XIV<br />
Marine XIV<br />
Total<br />
Sudan<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
Total<br />
Tunisia<br />
Oudna<br />
Zelfa<br />
Oudna<br />
Oudna<br />
Zelfa<br />
Total<br />
Kenya<br />
9<br />
9<br />
9<br />
10A<br />
10A<br />
10A<br />
Total<br />
Total<br />
Sendji S1<br />
M'Pouli North<br />
Vandji V1<br />
Vandji V2<br />
Makouala<br />
Likoufou NE<br />
Amont Sounza<br />
Vandji XIVa-1<br />
Vandji XIVa-2<br />
Vandji XIVa-4<br />
Vandji XIVa-6<br />
Golo<br />
V1<br />
V2<br />
N1<br />
N2<br />
N4<br />
N3<br />
Oudna Sth<br />
Zelfa-B/C<br />
Prospect A<br />
Prospect B<br />
Zelfa-A<br />
Bogal<br />
Bogal 2 W K1<br />
Bogal 1 E Jr<br />
B<br />
D<br />
C<br />
20<strong>09</strong> drilling<br />
73<br />
28.0<br />
17.0<br />
8.0<br />
17.3<br />
30.7<br />
25.0<br />
17.2<br />
3.1<br />
6.0<br />
4.4<br />
2.2<br />
232<br />
158<br />
59<br />
31<br />
27<br />
23<br />
8<br />
4<br />
310<br />
15<br />
12<br />
8<br />
5<br />
3<br />
43<br />
327<br />
257.1<br />
79.1<br />
142.0<br />
89.0<br />
18.0<br />
912<br />
1497<br />
18.75<br />
18.75<br />
18.75<br />
21.55<br />
18.75<br />
21.55<br />
21.55<br />
21.55<br />
21.55<br />
21.55<br />
21.55<br />
21.55<br />
24.5<br />
24.5<br />
24.5<br />
24.5<br />
24.5<br />
24.5<br />
24.5<br />
40<br />
43.75<br />
40<br />
40<br />
43.75<br />
30.0<br />
30.0<br />
30.0<br />
87.0<br />
87.0<br />
87.0<br />
Net*<br />
Unrisked<br />
13.7<br />
5.3<br />
3.2<br />
1.7<br />
3.2<br />
6.6<br />
5.4<br />
3.7<br />
0.7<br />
1.3<br />
0.9<br />
0.5<br />
46<br />
38.6<br />
14.5<br />
7.5<br />
6.7<br />
5.7<br />
2.0<br />
1.0<br />
76<br />
6.0<br />
5.2<br />
3.4<br />
2.2<br />
1.1<br />
18<br />
98.0<br />
77.1<br />
23.7<br />
123.5<br />
77.4<br />
15.7<br />
416<br />
556<br />
CoS %<br />
21.0<br />
21.0<br />
25.0<br />
25.0<br />
25.0<br />
34.0<br />
25.0<br />
21.0<br />
25.0<br />
25.0<br />
25.0<br />
25.0<br />
15.0<br />
13.0<br />
13.0<br />
12.0<br />
12.0<br />
12.0<br />
12.0<br />
25<br />
24<br />
39<br />
39<br />
31<br />
13.4<br />
11.7<br />
13.4<br />
20.0<br />
17.0<br />
17.0<br />
Net*<br />
Risked<br />
2.9<br />
1.1<br />
0.8<br />
0.4<br />
0.8<br />
2.2<br />
1.3<br />
0.8<br />
0.2<br />
0.3<br />
0.2<br />
0.1<br />
11<br />
5.8<br />
1.9<br />
1.0<br />
0.8<br />
0.7<br />
0.2<br />
0.1<br />
10<br />
1.5<br />
1.2<br />
1.3<br />
0.8<br />
0.3<br />
5.2<br />
13.1<br />
9.0<br />
3.2<br />
24.7<br />
13.2<br />
2.7<br />
66<br />
93<br />
*resources (MMboe)<br />
Marine XI<br />
Marine XIV<br />
Tunisia<br />
Oudna/Zelfa<br />
5B<br />
Sudan<br />
Block 9<br />
Block 10A<br />
Net Prospective Resources (prospects only)<br />
Unrisked: 556 MMboe , Risked: 93 MMboe<br />
95
WF9978 01.<strong>09</strong><br />
<strong>Exploration</strong> and Appraisal Activity 20<strong>09</strong><br />
Country Licence<br />
Norway<br />
Russia<br />
Vietnam<br />
Congo<br />
Block 06/94<br />
Marine XI<br />
Prospect<br />
PL338 Luno appraisal 65-190 50% <strong>Lundin</strong><br />
PL006c Hyme 38 75% <strong>Lundin</strong><br />
PL006c SE Tor appraisal 20-25 75% <strong>Lundin</strong><br />
PL304<br />
PL340<br />
Marine XI<br />
Aegis<br />
Marihone A/B<br />
Tuong Vi<br />
Viodo appraisal<br />
Sendji<br />
Gross<br />
Likely Drilling Schedule 20<strong>09</strong><br />
Unrisked Net<br />
MMboe Interest Operator Q1 Q2<br />
Q3 Q4<br />
159<br />
73<br />
50%<br />
15%<br />
33.3%<br />
18.75%<br />
<strong>Lundin</strong><br />
Marathon<br />
PL359 Luno High<br />
108 70% <strong>Lundin</strong><br />
Lagansky Petrovskaya<br />
50% (2) 300<br />
<strong>Lundin</strong><br />
Lagansky Morskaya appraisal<br />
50% (2) <strong>Lundin</strong><br />
Indonesia Salawati Island/Basin 18 (1) - PetroChina<br />
Pearl<br />
Soco<br />
Kenya Block 9 Bogal<br />
327 30% CNOOC<br />
104<br />
PL338 Luno extension 135-310 50% <strong>Lundin</strong><br />
(3)<br />
PL412 Eiganes 100 30% Noreco<br />
PL363 Mon 123 60% <strong>Lundin</strong><br />
PL476 Frusalen<br />
45 30% Det norske<br />
PL410 Luno 3<br />
113 100% <strong>Lundin</strong><br />
37<br />
17<br />
18.75% Soco<br />
(1) Net Unrisked MMboe<br />
(2) Assumed Gazprom execises option<br />
96<br />
(3) Mid Case 240 MMboe
WF10039 01.<strong>09</strong><br />
20<strong>09</strong> Targeted Prospective Resources<br />
20<strong>09</strong> Net Unrisked Prospective Resources: 843 MMboe<br />
Indonesia 2.1%<br />
Vietnam<br />
6.3%<br />
Russia<br />
17.7%<br />
Kenya 11.6%<br />
15 Wells 15 Wells<br />
Congo 1.6%<br />
Norway<br />
60.7%<br />
Vietnam 4.8%<br />
20<strong>09</strong> Net Risked Prospective Resources: 293 MMboe<br />
Congo 1.0%<br />
Kenya 4.5%<br />
Indonesia 1.9%<br />
Russia<br />
25.5%<br />
97<br />
Norway<br />
62.4%
WF9979 01.<strong>09</strong><br />
Reserves Upside Potential<br />
MMboe<br />
700<br />
PROSPECTIVE<br />
RESOURCES<br />
674 MMboe<br />
net risked*<br />
MMboe<br />
700<br />
600 600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
2P RESERVES<br />
217.5 MMboe<br />
CONTINGENT<br />
RESOURCES<br />
294 MMboe<br />
20<strong>09</strong> drilling<br />
targeting<br />
293 MMboe<br />
net risked<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
*(including 20<strong>09</strong> Drilling)<br />
98
WF10397c 12.08<br />
Success Rate and Finding Costs<br />
(Status as of December 2008)<br />
<strong>Exploration</strong> wells 2002-2008* 24<br />
Technical discoveries 2002-2008* 9<br />
Commercial discoveries 2002-2008* 6<br />
Significant commercial discoveries 2002-2008 (Volund-Luno-Morskaya) 3<br />
Total exploration expenditures 826 MMUS$<br />
Net barrels discovered (commercial) 216 MMboe<br />
Finding cost 3.8 $/bbl<br />
Success rate (commercial/total exploration wells) 38%<br />
* excluding Indonesian (Salawatis) drilling (9 commercial discoveries)<br />
1) Technical successes<br />
2) Commercial successes<br />
25%<br />
99
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